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The Real Deal NYC

Barnett asking up to $4M at DoBro condo project 

Gary Barnett is looking to sell condominium units for as much as $4 million at his mixed-use tower in the City Point complex in Downtown Brooklyn. “That’s what passes as affordable nowadays,” the Extell Development chief told the New York Times. Extell is shooting for a sellout of $901 million for the condos, which would be a record for Brooklyn. That’s up from the $838 million Extell had said it would aim for in 2016. […]

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IWG’s co-working venture Spaces expands to Staten Island, Brooklyn

Meet the co-working industry’s latest frontier: Staten Island. Spaces is opening 26,000-square-foot office at Triangle Equities’ Lighthouse Point development next to the ferry terminal. Spaces’ parent company IGW, which changed its name from Regus in 2016, signed a lease at the property two years ago. It initially planned to open an office suite under its flagship brand, but now decided to open a co-working space instead, IWG’s head of network development in North America Michael […]

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Madigan lands $73M loan for Hudson Square resi project

  Madigan Development landed a $73 million construction loan for its Hudson Square development at 111 Varick Street. PGIM Real Estate Finance, TriState Capital Bank and Valley National Bank are the lenders, Commercial Observer reported, citing property records. Madigan is developing a 100-unit luxury rental building designed by S9 Architecture. In August, the company filed new plans with the city’s Department of Buildings calling for a 337-foot tower. Louis Madigan’s firm has been locked in […]

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The Jetsons meet the city: New renderings revealed for 249 East 62nd Street

New renderings of 249 East 62nd Street reveal a project where George Jetson would feel right at home. The Upper East Side building, which is being designed by Rafael Viñoly and developed by Third Palm Capital and Real Estate Inverlad Development, will stand 32 stories and 510 feet tall, using a podium to increase the height of its upper residential levels, according to YIMBY. A townhouse and retail space will be housed in the base […]

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Hamptons Cheat Sheet: Legal battle over local listings heats up, Sag Harbor assemblyman proposes tax to fund loans for first-time homebuyers … & more

Legal battle between Saunders & Associates and Meg Salem heats up in court Star broker Meg Salem is accused of stealing thousands of active and non-active listings by her former employer Saunders & Associates when she left for startup brokerage Compass in late 2015, but last week in U.S. District Court in Islip Salem’s defense lawyer argued that Saunders was using the alleged data breaches as a “golden opportunity” in its fight against Compass. Saunders […]

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MaryAnne Gilmartin: “I consider it to be my moment.”

From the February issue: The funniest and most insightful comments on real estate.

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These were the top Manhattan real estate loans in January

Real estate financing activity bounced back from a holiday lull in December, with $2.4 billion in deals across the 10 largest loans recorded in Manhattan in January. Refinancings still account for the bulk of total, but five of the loans last month involved in-progress construction projects. See the full list below: 1) For you, for life – $382 million In the largest debt deal last month, Mount Sinai hospital landed $382 million in bond financing […]

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By the numbers: The title insurance reckoning

From the February issue: Lavish parties, VIP tickets to sporting events, golf outings and occasional nights out at “gentlemen’s clubs” have defined New York’s title insurance industry for years. But the industry may soon be turned on its head. That’s because new state regulations — which were supposed to go into effect in mid-December, but were delayed until Feb. 1 — would ban all title insurance companies from paying for clients’ meals, beverages and entertainment. (A […]

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Naftali makes third purchase in UES assemblage play

The Naftali Group has purchased the third and penultimate building in its planned assemblage on the Upper East Side for roughly $26 million, according to sources familiar with the deal. The company’s assemblage would span from 1039-1045 Madison Avenue between East 79th and 80th streets, and Naftali closed on its deal for 1039 Madison Avenue on Friday. The company purchased the property from Buchbinder & Warren in a deal brokered by Brandon Charnas and Adam […]

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City Council launches probe into city pulling funding for Durst’s Halletts Point project

The City Council is investigating why the de Blasio administration yanked bond financing for part of the Durst Organization’s Halletts Point project. In November, the Housing Development Corporation decided against providing $43.5 million in public financing to a 163-unit building planned for the site of the Astoria Houses. Council member Ritchie Torres, who chairs the newly-formed oversight and investigations committee, told Politico that HDC’s decision requires further examination. Durst had agreed to improve Astoria Houses’ […]

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